Banking For Teens

by:Caleb Murphy

Checking accounts Pros and Cons

  • Pros
  • Keep just enough of a balance in your checking account for expenses.
  • Move extra cash to a savings account where it can earn interest.
  • Use a checking account the right way you'll have a good record and you can spend your money.
  • Funds are easily accessed
  1. Check
  2. ATM
  3. Debit Card
  4. Phone
  5. Internet
  6. App on phone
  • Cons
  • Checking accounts do not pay interest on the balance in them.
  • Low interest rates.
  • Account expiration

Debit Cards Pros and Cons

Pros

  • Takes less time to make a purchase.
  • When you use a debit card you're limited to spending the amount of money you have in the associated account keeps you within budget.
  • Can easily get cash from ATM.
  • Convenitant
  • Can be used like a credit card.
  • does not allow overspending.
Cons

  • Disputed charges can be more difficult to resolve.
  • Some banks may charge you extra fees.
  • You don't improve your credit score.
  • Take advantages of reward points.
  • Required joint account.
  • low interest rates